Michael F. Kurschat, M.S. F., ASA, MAI


Michael F. Kurschat, M.S. F., ASA, MAI, has over 30 years of full-time appraisal experience and is principal of the firm. With a master’s degree in finance, MAI designation, and ASA designation, his technical expertise is widely recognized in the field. After developing a unique method of appraising gasoline stations, he gave a presentation on the topic at an international appraisal conference held in 2000. Since then, his theory has become widely used in gas station appraisals. He is often called upon to serve as an expert witness in court testimony. In addition to vast appraisal experience, he has practical experience in purchasing, operating, and selling commercial property. 

Stephen Kurschat


State of Michigan

State Certified Real Estate Appraiser

Permanent I.D. #1205000673


Master of Science in Finance

Concentration in Financial Planning

Walsh College, Troy, Michigan

Graduated December 17, 1990, with distinction.

Walsh College of Accountancy and Business Administration is recognized throughout the state, as well as the country, for developing highly skilled business professionals. The Master of Science in Finance degree is designed and taught by business professionals. The concentration in financial planning is “designed to equip financial service providers for success in an increasingly complex and dynamic industry” (Walsh College brochure). Prior to being admitted into the program, students must first show proficiency in accounting principles, business law, business statistics, communication skills, corporate finance, economics, data processing, and mathematics.

The Master of Science in Finance degree provides the appraiser with specialized knowledge about the banking industry, investment analysis, impact of taxes, and economic principles. The following are some of the specialized courses required within that program:

                Estate and Gift Tax

                Risk Management

               Advanced Taxation Topics

                Advanced Investments

               International Economics and Finance

                Basic Taxation

               Microcomputer Applications and Finance

               Interest Rates and Capital Markets

               Business Research and Communication


               Intermediate Accounting Analysis

                Financial Management

Bachelor of Business Administration Walsh College.

December, 1986.

The Bachelor of Business Administration degree provides a solid academic background. This particular program provides training and accounting, business law, economics, statistics, and business communications.


Appraisal Institute

Designation:  MAI 

The Appraisal Institute was formed in 1991 when the American Institute of Real Estate Appraisers merged with the Society of Real Estate Appraisers. The Appraisal Institute is a professional organization of Real Estate Appraisers, and currently offers the designation of “MAI” for general appraisers and “SRA” for residential appraisers. 

The MAI membership designation is held by appraisers who are experienced in the valuation and evaluation of commercial, industrial, residential, and other types of properties, and who advise clients on real estate investment decisions. The appraiser has completed all the requirements for the MAI designation, including passing a number of required courses, passing a 16-hour comprehensive examination, completing and passing a “demonstration appraisal report,” and passing a review of work experience. The work required for the MAI designation is commonly recognized as the most rigorous of all major appraisal societies.

The Great Lakes Chapter of the Appraisal Institute is the local chapter that provides chapter meetings and educational course offerings. 

American Society of Appraisers

Designation:  ASA, 

“Accredited Senior Member”  in Real Property, Urban.

The American Society of Appraisers is a multi-disciplinary professional appraisal organization. Originated in 1936, the American Society of Appraisers was incorporated in 1952 and is headquartered in Washington, D.C. It is one of the eight major appraisal societies that helped found the Appraisal Foundation. The Appraisal Foundation is a national self-regulatory organization created in 1987 to establish uniform qualification criteria for professional appraisers, to develop standards for appraisal work, and to provide other programs to serve the public.

The American Society of Appraisers designates a professional status to those engaged in the profession who meet various criteria. The designation, AM, denotes an accredited member. The designation, ASA, denotes accredited senior appraisers. Accredited senior appraisers have passed the required course work, exams, and have five years of experience approved. The appraiser, Michael F. Kurschat, is designated as an accredited senior appraiser in the area of Real Property – Urban. 

The American Society of Appraisers has a mandatory recertification for all of its senior members. Michael F. Kurschat is in compliance with the requirements of that program.

The local chapter of the American Society of Appraisers sponsors meetings, continuing education courses, and newsletters that promote professionalism within the industry. The appraiser is not only active in the chapter, but has held the following elected offices:

                State Director  2002-2003
                Director                2001-2002
                Director                2000-2001
                Director                1999-2000
                Director                1998-1999
                Director                1997-1998
                President:           1996-1997
               First Vice President: 1995-1996
               Chapter Secretary: 1994-1995
               Chapter Secretary: 1993-1994

International Right-of-Way Association (IRWA)

The International Right of Way Association is a professional member organization comprised of global infrastructure real estate practitioners. Since its inception as a not-for-profit association in 1934, IRWA has served professionals who acquire, manage and transfer the land rights needed for building and maintaining energy and transportation infrastructure. 

Regular Member

Recognized for their high ethical standards, commitment to integrity and professional excellence, IRWA’s nearly 10,000 members hail from over 15 countries around the world. They are united by their profession and their commitment to pursuing training and professional development through courses, chapter meetings, seminars and the annual education conference.

Considered the unsurpassed source of right of way educational programs and professional services worldwide, IRWA provides infrastructure real estate education and credentialing for its qualified members. Its industry-specific education and advanced curriculum allows for professional credentialing with a focus on one of our four industries, including Electric & Utilities, Public Agencies, Oil & Gas Pipeline, and Transportation. They offer certification opportunities in Appraisal, Asset Management, Negotiation and Acquisition, Relocation Assistance, and the Uniform Act. The IRWA creates industry-wide recognition for its designations and certifications, and has elevated the role of right of way professionals by strengthening their industry relevance. 

Mr. Kurschat  has served the Michigan Chapter of the IRWA in the following elected offices:

                President            2017-2018
               President Elect 2016-2017
               Vice President: 2015-2016
               Chapter Secretary: 2014-2015


Types of Property Appraised:

During his professional career, Michael F. Kurschat has appraised a wide variety of commercial, industrial, office, and specialty properties. The following is a list of various types of properties appraised.

                Apartment Complexes

                Automatic Car Wash

               Automotive Service Stations

               Automotive Dealerships

               Coin Operated Car Wash

               Commercial Buildings

                Condominium Complexes 

               Engineering Buildings

               Industrial Buildings

               Industrial Manufacturing Plants

                Island Residence

                Liquor Stores

                Mobile Home Parks

               Multi-tenant Industrial Buildings

                Office Buildings

               Proposed Subdivisions

               Single Family Residences

                Strip Shopping Centers

                Summer Resorts             

               Travel Center (Truck Stop)

                Vacant Land

               Other Specialty Properties

                Pontiac Silverdome

Several of the above properties have been appraised as proposed construction. Many of the properties were leased to produce rental income. Mr. Kurschat has appraised the “Fee Simple Estate” of several properties, while the “Leased Fee” interest was appraised on other properties. Other appraisals included leasehold estates, and sandwich leasehold estates

Gas Station Specialty:

Developed a detailed analysis of gas stations and appraised gas stations for mortgage and sale purposes. Analysis addresses the differences between real property, personal property, business value, and intangibles. Analysis includes development of a credible income capitalization approach and addresses traffic count, competition, convenience sales, gross profit margins, quality of improvements changing trends, and other items.  

Gas Station Valuation, Distinguishing Between Real, Personal, and Intangible Assets.  Guest Speaker at the Appraisal Institute “AI Connect”, Annual Meeting in Indianapolis, IN, July 24, 2013. 

Gas Station Valuation, Distinguishing Between Real, Personal, and Intangible Assets.  Guest Speaker at the American Society of Appraisers (ASA) International Conference in Phoenix, AZ, August, 2012. 

Guest Speaker at the American Society of Appraisers (ASA) International Conference in Houston, Texas, June, 1997. 

Guest Speaker at the Oakland County chapter of the International Association of Assessing Officers (IAAO), September, 1997.

Guest Speaker at the Detroit chapter of the American Society of Appraisers (ASA), January, 1997. 


“Developing? Don’t Overlook Tax Donations,”  Michigan Real Estate Journal (part of Midwest Real Estate Journal), September 2003. Article explores the benefits of claiming a tax donation for land that is commonly dedicated to the municipality when a new development is approved.


Milan Main – Owner

517 W. Main, Milan, MI

October 7, 2002 – November 1, 2007.

Partner (50%) in a commercial real estate venture. Purchased an unusual commercial property consisting of a single 3,200-square-foot unit in the middle of a larger strip shopping center. The acquisition required resolving complicated easement and title issues prior to purchasing the property. Subsequent to acquisition, the property was renovated and leased (without the aid of a leasing agent) on a long-term basis. Responsible for coordinating activities and maintenance between tenant and surrounding shopping center. Eventually negotiated a sale of the property to the tenant at a substantial profit. 


Performed appraisal and consulting services for various governmental agencies. Appraisal types included part-taken appraisals, total take, and before-and-after appraisals. Rights appraised included fee simple taking, permanent easements, temporary easements, grading permits, and drainage easements. Some assignments were contracted directly with the governmental agency, and others were contracted with an outside firm. Approved fee appraiser for Michigan Department of Transportation.  In some instances the projects were at least partially funded by MDOT. 

The appraiser has also performed appraisals for property owners for eminent domain. 


Expert Witness in numerous cases regarding eminent domain, tax assessment, assessment disputes, environmental issues, and other disputes. Court Cases are on record in Oakland County Circuit Court, Wayne County Circuit Court, and Macomb County Circuit Court.

Stephen Kurschat

Senior Appraiser

Stephen Kurschat has over 15 years of real estate and appraisal experience. He also carries the Certified General appraisal license in the state of Michigan and has developed extensive experience in appraising a variety of commercial, industrial, multi-family, and office type properties. He also has experience in appraising specialty properties including apartments, distressed condominium developments, residential subdivisions, child daycare facilities, gas stations, car washes, and equestrian facilities. 

Technical Training, Experience and Specializations


State of Michigan

State Certified Real Estate Appraiser

Permanent I.D. #1201071915


Real Property Appraisal Theory, Principals and Concepts

Introduction to Income Property

National Uniform Standards of Professional Appraisal Practice

General Appraiser Site Valuation & Cost Approach

General Market Analysis and Highest and Best Use

General Appraiser Sales Comparison Approach

Narrative Appraisal

General Appraiser Income Approach

Real Estate Finance Statistics and Valuation Modeling

Using Spreadsheet Programs in Real Estate Appraisals

Analyzing Distressed Real Estate

Michigan Appraiser Law Update

Spotlight on USPAP: Common Errors and Issues

Eminent Domain and Condemnation

Data Verification Methods

Appraising Convenience Stores

Michigan Appraiser Update

7-Hour USPAP Update


Employed by Kurschat & Company since January 2005. Appraisal experience includes apartment complexes, condominium complexes, shopping malls, office buildings, industrial buildings, engineering buildings, single-family residential subdivisions and site condominium developments, industrial processing plants, vacant land, proposed subdivisions, restaurants, automobile repair facilities, ministorage facilities, auto wash facilities, automobile service stations, day care facilities, equestrian facilities, veterinarian offices, dental offices, etc.



High rise office buildings

Strip shopping centers 


Industrial complexes